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Your Family Business: Prep the Next Generation to Lead

These practices can help lay the foundation for your heirs to take over the family business. 

Give the gift of cultivation. Support the next generation as they develop their business knowledge and skills. Engage them in growing the business and developing employee loyalty. Build on passion. Encourage the next generation to invest time and energy into areas of the business that interest them. Help them continue their education and exploration of their talents and abilities. Allow them to problem-solve. Future leaders grow through the chance to work on their weaknesses as well as build on their strengths. Encourage them to adopt high standards now to help them avoid future challenges. Provide resources for success. Make sure the next generation can see what it means to have a successful career path in your industry. Be intentional about how you let them see possible paths.
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Creating a plan for every generation of your family can be a challenge. Schedule time with your team to get started.


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